Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

U.K. Services PMI Expands For The First Time In A Year

Published 12/31/2000, 07:00 PM
Updated 06/03/2009, 05:08 AM

www.TheLFB-Forex.com The Forex Trader Portal

Release Explanation: Measures the activity level of Purchase Managers, they are surveyed on production, employment, inventories, orders, delivery data. The PMI is split into reads on Manufacturing, Service, and Construction industries. “A read over 50 denotes growth. As an indicator of economic performance the PMI has the ability to easily affect currency valuations as Institutions re-align existing positions, or build new, on the strength of these reports,” TheLFB-Forex.com Trade Team notes.

TheLFB-Forex.com Trade Desk Thoughts: The U.K. Service PMI beat analysts’ expectations for a sixth consecutive month. The release points out that the service side of the economy expanded for the first time in more than a year, after contracting at a strong pace. 

This release will certainly be reflected in the quarterly GDP data, since the service side of the economy makes up the biggest part of the U.K. economy. Additionally, the pound and the U.K. stock market will be helped by this report in the medium term, TheLFB-Forex.com Trade Team added.

Forex Technical Reaction: Despite the better than expected release, the pound plunged 50 pips during the news release, in-line with the other major currencies. Earlier, during the European session, the pound reached the highest value since late November.

TeamLFB provides forex related market analysis and trade signals

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.